Real time gateway to the Tangle

All credits to: Omoku – Original post: https://goo.gl/Np32hf

 

Our focus for the first half of 2018 lies on building a first direct IOTA/Euro bridge. Nevertheless we already have clear plans for the future of omoku and we are willing to discuss some of the aspects of our vision for omoku in this blog article. Omoku wants to be far more than just another ordinary cryptocurrency exchange. What makes us different? How will buying IOTA in real time work with omoku and what could omoku offer in 2020?

Omoku is the gateway to the IOTA tangle

In the near future, verified users on omoku will be able to exchange euro against IOTA in real time. Immediate payment methods such as credit card or SOFORT bank transfer offer the ideal conditions for this purpose. SEPA transfers on the other hand still take one to two working days, depending on the respective bank. This means that only after one to two days, we receive a confirmation that you made the payment for your purchased IOTA. Nevertheless, omoku will offer the possibility to buy IOTA with SEPA immediately. But how exactly will this work?

Buy IOTA with SEPA in real time

For example, you decide to purchase 1Gi (= 1000 Miota) worth €1’000.00 on omoku via SEPA transfer. The IOTA market price in this example is 1Mi = €1.00. Once you have entered your details and chosen SEPA as your payment method, you confirm the order. As a result, 1Gi will be reserved for you on our side for the price €1.00/Mi (without including transaction costs) and you will be asked to transfer the amount of €1,000.00 to our bank account. As already mentioned, the SEPA transfer usually takes 1-2 days. During this time, the IOTA price may fluctuate. However, this is not your concernas we have already reserved your IOTA tokens for you at a fixed price. Consequently, after receipt of payment we will immediately send you exactly 1Gi to your IOTA Wallet.

If the exchange rate had risen to €1.20/mi, and the amount of €1’000 arrived on our bank account at this time, with that market rate: normally that would reflect only receiving 0.83 Gi for the purchase of IOTA with that €1’000. However, thanks to the real time purchase on omoku you will get the full 1 Gi at the fixed price when you made the order.Especially for short-term price dips it can be very useful to profit from our offer of immediate payments. Note: Since we take the risk of price fluctuations on ourselves with this offer, we are dependent on you as a user of omoku to fulfill your payment obligation. As we cannot always guarantee this, we reserve the right to limit the maximum amount for immediate purchases by SEPA transfer. Further information will follow until the start of trading on omoku.

Buy IOTA with SEPA – and receive it instantly?

We cannot send your purchased MIOTA until we can confirm that you have sent us the equivalent value in euros. Otherwise, we would be too exposed to potential scammers. Nevertheless, we are convinced that it will be possible for customers of many banks to purchase SEPA transfers on omoku IOTA as early as 2019 and to receive MIOTA instantly after the purchase on their own Wallet.

The reason for this is the new Instant SEPA Payments. These allow SEPA payments to be made within few seconds. The system is already being tested by some European banks. However, it will undoubtedly take several months before the banks have integrated this new payment method on a large scale and enabled instant SEPA payments. Omoku, however, is expecting a lot from Instant SEPA Payments, which will further accelerate our real time exchange in the medium term.

Long term implications

If we think a few years forward, the vision of omoku is to go even further. Imagine the following case in 2020 or 2025: Your electric car has its own IOTA Wallet, with which your vehicle pays for the required electricity. This is a typical example of a use case from IOTA. Now the car urgently needs to be recharged, but at the same time there are no IOTA tokens left on the vehicle’s IOTA Wallet. It is impossible to wait several hours or days until you have deposited euros on an Exchange, buy IOTA and withdraw IOTA tokens to the vehicle’s IOTA wallet. Obviously, in this situation you need a solution to fill the Wallet with tokens immediately and as easily as possible.

In principle, the immediate IOTA purchase would already work in 2018 by entering the IOTA Wallet address of your vehicle on omoku when you buy IOTA immediately. So this case could be solved by credit card or other insant means of payment – later also via Instant SEPA Payments – but would not yet be the perfect solution.

Rather, our long-term vision is that you can link the in-car wallet to your omoku user account and then, for example, pay by credit card without having to access our platform on the mobile device. This would all be done directly through the omoku API. Besides, while credit card payments are instant payments, they always have higher fees than the slower bank transfers. However, we expect the spread of SEPA Instant Payments and other instant payment options with little or no fees to continue in the coming years.

Independent purchase of IOTA

Thinking a step further, your vehicle could even buy IOTA tokens on its own via omoku, if there were no MIOTA left on the vehicle’s IOTA Wallet. However, this requires the possibility of connecting the IOTA Wallet with omoku. This connection is not yet planned. As mentioned above, we are initially focusing on enabling the IOTA community to buy IOTA immediately and, together with an increasing demand, to gradually reduce fees. A high degree of dissemination and acceptance of our platform is an absolute prerequisite for the (third party) developers of the new IOTA Wallet to offer users of the Wallet the opportunity to connect their own wallet to the omoku account. With the Trinity Wallet to be expected at the beginning of 2018, although the wallet takes a big step forward, this connection will of course not yet be possible in the first version.

We still have a lot of work ahead of us on the way towards our vision. Either way, however, it can be stated that the real time purchase of IOTA in euros and other Fiat currencies is the only sustainable solution for the large-scale deployment of IOTA in the real world. If you would like to join us on this journey, we would be pleased if you already sign up on omoku and follow us on our social media channels so that we always can keep you up to date.

 

 




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